GOLD - USD
GOLD - USD
- USD (-)
- Real time data - Gold & Silver Spot
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Type: Commodities
Ticker: XAUUSD
ISIN:

GOLD - USD - Created Douple Top at $1,245 - 02/20/2017 (GMT)

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  • Timeframe : Daily

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The precious metal remained virtually unchanged over the last two weeks as it rose only 0.12%. On the weekly chart, the 200-SMA provided good resistance obstacle for the bulls as the XAU/USD pair failed for several times to surpass the $1,245 price level.

The gold is moving upwards since December after the pullback from the $1,122 price level. Over the last two weeks, the price created a double top at $1,245, so our expectation is a downward movement if there is a break of the $1,220 support barrier. The next level to watch is the 50-daily SMA which is moving near $1,197 and if the price slips below it, it will challenge the $1,180 support handle. Otherwise, we can see a strong run to the upside, if the yellow metal climbs above the aforementioned double top. Technical indicators are moving lower but are still in the positive path.
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